Liquidity Provider Programs

Cboe Europe Equities (Cboe) has two Liquidity Provider Programs that apply to ETFs and securities on the Cboe order books. Participants can choose to participate for either one or both of these programs.

Registered LPs can request to have an ETF or security made eligibly for the program if not already available. A list of the eligible securities is available here.

Registered Liquidity Providers for ETFs (as of Sept. 2015)

  • Virtu Financial Ireland Ltd
  • Optiver V.O.F.

Participants must post and maintain executable quotes on the integrated order book(s) for the chosen securities and complying with the time, size and price requirements, as set out in the table below:

  Required Size* Specified Price % Required Time
Program 1 €5,000 0.25% 80%
Program 2 €5,000 As per RLP commitment 95%

Features of the LPP

  • A broad range of eligible securities
  • Straightforward application process
  • Ability to select or update registered securities via website login
  • Registered liquidity providers can either register in a portfolio of their chosen securities or quickly select a specific index or market segment

Benefits for Registered Liquidity Providers

  • Recognition on the Cboe website as a registered liquidity provider, showing your firm’s commitment to providing liquidity
  • Customised reports for registered liquidity providers to track their performance

How to Become a Registered Liquidity Provider

Only direct trading Participants of Cboe are eligible to become registered liquidity providers. The three step process for Participants is:

  1. complete and sign the Liquidity Provider Addendum to the Participant Agreement, agreeing to the terms and obligations of the Program;
  2. choose the securities for which your firm would like to register; and
  3. identify and assign specific trading groups for the LPP.

Key Documents

Participants who are interested in the LPP and would like to become a registered liquidity provider should review the following documents:

  1. Participant Manual - contains further details about the Program, minimum requirements and definitions.
  2. Liquidity Provider Addendum